AES and Alberta Investment Management (AIMCo) have signed an agreement to acquire FTP Power (sPower) in the US for $853m.

In connection with the deal, the companies will also directly and independently purchase and own below 50% equity interests in sPower.

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AIMCo CEO Kevin Uebelein said: “AIMCo is excited to acquire an approximate 50% interest in sPower, on behalf of our clients and consistent with our investment mandate and in partnership with AES.

“sPower is an impressive organisation that has and continues to successfully develop and execute a robust renewable energy development pipeline, delivering value to all of its many stakeholders.”

"sPower’s portfolio includes 1,274MW of solar and wind projects in operation or under construction, as well as a development pipeline of more than 10,000MW."

A Fir Tree portfolio company, sPower owns and operates utility and commercial distributed electrical generation systems across the US. sPower’s portfolio includes 1,274MW of solar and wind projects in operation or under construction, as well as a development pipeline of more than 10,000MW located in the country.

The operating assets and projects are under long-term power purchase agreements (PPA) and have an average remaining life of 21 years.

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Upon closing, AES’s ownership of renewable energy projects in operation and under construction, are expected to increase from the existing 8,278MW to 9,552MW, including hydro, wind, solar and energy storage.

Subject to approval by the Federal Energy Regulatory Commission, the Committee on Foreign Investment in the US, the deal is expected to close by the third quarter of this year.